Answer:
Retained Earnings $16,000
Total assets $50,000
Total liabilities and equity $50,000
Explanation:
Preparation of appropriate accounts to prepare a balance sheet
BALANCE SHEET
ASSETS
Cash 3,000
Land 18,000
Equipment 26,000
Total assets $ 50,000
LIABILITIES
Accounts Payable 3,000
Notes payable 20,000
Total Liabilities 23,000
STOCKHOLDERS EQUITY
Common Stock 11,000
Retained Earnings 16,000
[(3,000+18,000+26,000)-(3,000+20,000+11,000]
Total Equity 27,000
Total liabilities and equity $50,000
Therefore the balance sheet include:
Total assets $50,000
Total liabilities and equity $50,000
